Create a Financial Power of Attorney Easily With DoNotPay’s Help
Figuring out the rules on creating a legal document is a time-consuming task. The good news is that you don’t need to go through the process on your own—use DoNotPay to create a financial power of attorney in no time! Our app will make sure your power of attorney (POA) is airtight.
A financial power of attorney (FPOA) is a legal document that allows an attorney-in-fact (the agent) to handle the principal’s financial matters when the latter one is unable to do so on their own. The attorney-in-fact has the right to manage the principal’s property, conduct financial transactions, and make other financial decisions stated in the agreement.
You have to decide what kind of financial POA you want before creating the document. Take a look at the table below for more information:
|Financial POA Type||Brief Explanation|
|With immediate effect||This FPOA takes immediate effect after signing. The principal can hire an agency to handle their financial matters, and they don’t need to be absent or disabled|
|Sprung||At least one doctor needs to confirm that the principal is incapable of making financial decisions. The POA takes effect after the principal becomes disabled|
The principal decides how much power the agent will have with the financial power of attorney. They can be in charge of all financial matters or only handle a single transaction. Take a look at the list of tasks the agent is usually asked to perform:
- Paying bills
- Taking care of claims and litigations
- Transferring and selling assets
- Accessing financial accounts
- Paying medical expenses
- Taking care of real property transactions
- Paying taxes
- Accessing the principal’s safe deposit box
- Investing on the principal’s behalf
- Collecting retirement benefits
- Managing stock and bond transactions
- Covering the principal’s insurance
- Operating a small business
- Hiring someone to represent the principal
- Making gifts to individuals or charities
Since the agent handles serious matters, it is crucial to choose someone trustworthy. When it comes to legal requirements, the agent has to be at least 18 years old and of sound mind. People usually choose their spouses, adult children, or close friends to act as their POA agents.
The rules regarding financial powers of attorney are different across the country. Depending on the state, FPOAs can be:
- Automatically durable—in effect even after the principal can no longer make financial decisions
- Durable as defined—only if the principal made it clear that they wanted the financial POA to be durable before or during the creation of the document
In some states, the FPOA has to be placed on file in the local land records office while the attorney-in-fact negotiates real estate assets.
A financial POA letter is terminated immediately after the principal’s death. The attorney-in-fact can’t make any decisions in the principal’s stead after they are dead—not even pay off their debts or make funeral arrangements.
The financial POA can end if:
- The principal revokes the POA—they need to be mentally competent at the time
- The ex-spouse was named as the agent—after the divorce is finalized, they can no longer take part in making the principal’s financial decisions
- The court decides that the principal was under the influence, a victim of fraud, or mentally incompetent when signing the document
You don’t have to spend a small fortune on a lawyer to make a financial power of attorney—you can turn to DoNotPay for help instead. Your virtual assistant will ensure that your legal document contains all the necessary information. To get an FPOA document fast and stress-free, heed these instructions:
- Sign up for DoNotPay in any web browser
- Type in Power of Attorney in the search bar
- Tell us what powers you wish to add to your POA
DoNotPay will include two notices that you and your agent should take a look at before signing the document.
Our app can help you create other types of power of attorney, including:
Wondering if you need to get your power of attorney notarized? States have different rules regarding this topic, but it is always a good idea to add a notary’s signature because of the added legal weight. The entire process is straightforward, and you can inform us whether you want to get your POA notarized during the completion of our short questionnaire.
We will find an online notary to notarize your document in no time. This way, you won’t need to waste your time and energy on visiting a notary’s office in person. Save yourself the trouble of getting stuck in traffic jams, and keep the gas money in your pocket.
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